Types of U.S. Student Loans:

• Direct Loans (for undergraduate and graduate students)
• Direct PLUS Loans for Parents
• Direct PLUS Loans for Graduate students
• Private Loans 

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Direct Loans:

These loans may be either in the form of a subsidized and/or unsubsidized loan:

• Subsidized loan:  A student may be eligible for a subsidized loan based on his/her financial need.  No interest is accrued while the student remains in-study in at least half time¹ (the federal government 'subsidizes' the interest during these periods).
• Unsubsidized loan:  These loans are not based on financial need.  Interest will be charged from the time the loan is disbursed until it is paid in full.  Students can choose to pay the interest while they are in school, or allow interest to accumulate and be added to the principal amount.

Queen's University is considered a foreign school, therefore students will not be considered for any Grants.

Annual Loan and Aggregate Limits (effective for loans disbursed on or after July 1, 2012):

	Year of Study	Subsidized/ Unsubsidized Base Amount	Additional Unsubidized Loan Amount	Aggregate Loan Limits*
Dependent Undergraduate Students	1st year	$3,500	$2,000	$31,000
	2nd year	$4,500	$2,000	$31,000
	3rd year & up	$5,500	$2,000	$31,000
Independent Undergraduate Students	1st year	$3,500	$6,000	$57,500
	2nd year	$4,500	$6,000	$57,500
	3rd year & up	$5,500	$7,000	$57,500
Graduate & Professional Students	All	$0	$20,500	$138,500

* Aggregate Loan Limits (undergraduate students):  No more than $23,000 of which may be subsidized. Aggregate Loan Limits (graduate and professional students): No more than $65,500 of which may be subsidized.

Direct PLUS Loans for Parents:

Direct PLUS Loans enable parents who are credit worthy to borrow to assist with paying for their child's educational expenses.

The yearly limit on a Direct PLUS Loan is equal to the student's Cost of Attendance (determined by the University) less any other financial aid (including loans) the student will receive.

Direct PLUS loans proceeds must be used for authorized educational costs incurred by the dependent student. The parent agrees to immediately repay any loan proceeds that cannot be attributed to educational costs for attendance on at least a half time¹ basis at the school that certified the Direct PLUS Loan.

The parent who is applying for the Direct PLUS loan will also need to complete and return a Statement of Educational Purpose and Refund Form.

Direct Grad PLUS Loans for Graduate Students:

Credit worthy graduate or professional students enrolled in at least half time¹ in an eligible degree program can borrow up to the total cost of attendance (determined by the University), less any other financial aid (including loans) received.

The yearly limit on a Direct Grad PLUS Loan is equal to the student's Cost of Attendance (determined by the University) less any other financial aid (including loans) the student will receive.

 

Private Loans

A private loan is another option for US students who may require additional loan funding after maximizing their Federal loan program

Sallie Mae Smart Option Loan

Vermont Advantage Loan (Vermont Residents)

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¹ half time: Undergraduate students registered in 15 credit units over the Fall Winter term or 9 credit units if attending one term only, or Graduate students registered as part-time.